Homie

About Homie

Homie operates as a real estate technology company aiming to alter the conventional model of buying and selling homes by reducing commissions and fees. The company was established in 2015 by co-founders Johnny Hanna, Mike Peregrina, Mike Trionfo, and Matthew Thorne. The concept for Homie emerged from the founders' personal frustrations with the real estate industry, including high commission fees and a complex process. For instance, co-founder Mike Peregrina's interest in disrupting the industry was sparked after he lost everything in the 2008 housing market crash and felt a lack of support from traditional real estate agents. Similarly, co-founder Johnny Hanna, who previously co-founded the successful real estate software company Entrata, saw an opportunity to apply technology to simplify the home buying and selling process, a mission he has been passionate about since his time at BYU-Idaho.

The company's business model centers on a flat-fee structure for home sellers, a departure from the percentage-based commissions typical of traditional real estate brokerages. For sellers, Homie provides a suite of services including a listing on the MLS and other major real estate websites, professional photography, a 3D tour, and a home value report. While sellers are more involved in aspects like home showings, they receive support from a dedicated, licensed agent and a team of attorneys for negotiations and paperwork. For buyers, Homie offers the services of salaried, local agents and provides access to its online platform to search for homes, schedule tours, and make offers. A key incentive for buyers is a rebate of up to $2,500 that can be used towards closing costs.

In addition to its core real estate brokerage services, Homie has expanded its offerings to create a more integrated "one-stop-shop" experience. This includes Homie Loans, a mortgage service that also operates on a flat-fee model for its loan officers, Homie Title, and Homie Insurance. The company also features a vendor marketplace on its platform, connecting clients with various home service providers like movers, cleaners, and pest control. Operating primarily in Arizona and Utah, Homie has transacted billions of dollars in real estate since its inception.